CONOCOPHILLIPS

Taxation/Internal Revenue Code

HR 5073 - Promoting Domestic Energy Production Act - Inclusion of Intangible Drilling Cost expensing in Book Minimum Tax calculation. Importance of general energy tax provisions to industry: IDC expensing; bonus depreciation; dual capacity taxpayer rules. Company support for specific tax provisions: Investment Tax Credit (ITC); Production Tax Credit (PTC); Section 45V, Clean Hydrogen Production Tax Credit; Section 45Q, Carbon Oxide Sequestration Tax Credit.

TargetedSENATE · HOUSE OF REPRESENTATIVES

Energy/Nuclear

Continued support for remaining permitting reform issues: judicial review; National Environmental Policy Act (NEPA) streamlining. Support for maintaining crude oil and LNG exports. H.R. 1130, Unlocking Domestic LNG Potential Act of 2023 - opposition to export restrictions amendment. General introduction to ConocoPhillips & energy issues. General discussions about ConocoPhillips' Climate Change Action Plan. Opposition to amendment to S. 2226, the National Defense Authorization Act for FY2024, that would have prohibited the export of crude oil to certain countries.

TargetedSENATE · HOUSE OF REPRESENTATIVES

Natural Resources

Bureau of Land Management's proposed Management & Protection of the National Petroleum Reserve in Alaska (NPR-A) rule. Bureau of Land Management, Proposed Conservation & Landscape Health Rule. Bureau of Land Management Oil and Gas Leasing Rule. General discussions/no legislation on issues related to Alaska and L48 oil and gas development on federal lands, permitting & land access/lease sales. General discussions about issues related to development of ConocoPhillips' Willow project in the National Petroleum Reserve-Alaska.